LONDON (dpa-AFX) - Pearson PLC (PSO), an educational publishing and services firm, Monday reported profit before tax from continuing operations of 212 million pounds for the first half, lower than 236 million pounds in the same period a year ago, mainly due to lower Virtual Schools sales.
Excluding one-time items, adjusted profit before tax was 229 million pounds, down from 238 million pounds in the previous year.
Operating profit of 219 million pounds was flat with last year. Adjusted operating profit remained at 250 million pounds compared to 250 million pounds last year.
Net profit declined to 157 million pounds or 22.8p per share from 186 million pounds or 25.9p per share a year ago.
Adjusted profit was 174 million pounds or 25.3p per share, down from 183 million pounds or 25.5p per share last year.
Sales for the period dropped to 1.754 billion pounds from 1.879 billion pounds in the previous year.
Virtual School sales declined 32 percent to 254 million pounds from 373 million pounds due to currency movements and the disposal of the OPM business.
The company said an interim dividend for 2024 of 7.4p was declared by the Board in July 2024 and will be accounted for in the second half of 2024. The interim dividend will be paid on September 16 to shareholders on the register on August 9.
Looking ahead, Pearson continues to expect fiscal 2024 underlying sales growth, adjusted operating profit to be in line with market expectations.
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